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The Global Smart Elevators Market Size is expected to reach $29,126.1 million by 2022, growing at a CAGR of 15% during 2016 -2022.
As more and more people are moving towards cities for better lifestyle, job, and educational prospects, the urban areas are expanding rapidly to accommodate this large population. However, there is a limit on the geographical expansion of cities, which demands for vertical growth. This scenario gives rise to tall infrastructures, which have the potential to accommodate more people thus acting as a solution for the problem. These tall buildings need fast moving and time saving transportation facilities to move from one floor to another. In order to serve these demands smart elevators were introduced by various elevator manufacturers as they help minimizing the waiting time, electricity usage and provide advanced security. Smart elevators were designed with the motto to revolutionize the way of commuting within tall buildings and to save time required for moving from one floor to another.
The report highlights the adoption of Smart Elevators market, globally. Based on the Solution, the Smart Elevators Market is segmented into New Deployment, Modernization and Maintenance segment. The New Deployment segment is further segmented into Elevator Access Control & Security and Elevator Automation sub segments. Based on the applications, the market is bifurcated into Residential, Commercial, Industrial, Institutional and Other segments. The geographies included in the report are North America, Europe, Asia Pacific and LAMEA (Latin America, Middle East and Africa).
LAMEA Smart Elevators Market